Dogecoin Rises over 5 percent after Elon Musk posts his Dog’s Pic
The value of Dogecoin has increased by 5 percent as Elon Musk posts a picture of his dog in Twitter's CEO chair. He mocks the ex-CEO of Twitter in his tweet, saying that his pet is capable of the job.
Analysis from crypto agencies has shown that community engagement around Dogecoin has increased over the past few days. The last time a positive response was seen was when the dogecoin showed an increase of 160 percent against the U.S. dollar.
Elon Musk’s Twitter account has again made an impact on the cryptocurrency market. In two separate tweets about his dog, Musk’s comments have led to an increase in the surge of Dogecoin, namely Floki and Shiba Inu.
Crypto traders are purchasing stocks related to the cryptocurrency Shiba Inu after Elon Musk posted a picture of his dog as the new CEO of Twitter. The price of Dogecoin has increased by 5.4 percent over the last few hours.
Dogecoin was created in 2013 as a cryptocurrency unit as a joke based on a Siba Inu meme named Doge. The cryptocurrency was based on the Ethereum network ad has gained large popularity.
At the same time, Floki, which has gained the name of Elon Musk’s pet dog has gained its value by 41 percent in the last 24 hours.
A report from valid sources has mentioned that Twitter is designing a system that will enable crypto coin payments. It has thus impacted the prices of Doge coins and received positive traction.
The last time the crypto coin gathered a positive response was in 2022 during the time when Tesla and Space X boss Elon Musk finally initiated his Twitter buyout deal after being skeptical of his ownership. During that time, there was growing speculation that Dogecoin would be incorporated into Twitter. The situation has caused the price of Dogecoin significantly surge by 160 percent.
Usually, the sentiments of the participants in the crypto market cause an increase or decrease in the prices of the coin. But, during this time, it is unclear what caused the social engagement metrics to boost up as there has been no positive response about the Dogecoin ecosystem.
At the same time, the broad cryptocurrency market has been showing a positive response as the traders have shrugged off the U.S. regulators. The total market capitalization for the cryptocurrency market has increased and accounts for 100 billion USD over the last 24 hours.
The surge in the meme coin came to notice after Elon Musk shared a couple o tweets about his Shiba inu sitting in the Twitter CEO chair. Musk has compared his pet to the ex-CEO of Twitter- Parag Agarwal, and jokingly mentioned that is so much better than the other guy.
Many Dogecoin holders are anticipating one final push when Musk reveals what he has planned for the crypto coin.
Elon Musk’s tweet increases the dogecoin values in the cryptocurrency market:
Previously, Elon Musk has promoted digital currencies like bitcoin and dogecoin, which have emerged as the key currencies in the digital market.
Dogecoin, after its launch, has become a sensation in the digital market within the last 10 years. At the same time, Shiba Inu is relatively new in the cryptocurrency market, which has been inspired by memes and has risen during the last year.
After Elon Musk shared the images of his dog on his Twitter platform the prices of dogecoin, and Shiba Inu increased by 2.27 and 1.98 percent respectively.
The nicknamed meme coins were introduced as internet jokes rather than real blockchain initiatives but their values have risen so that they can no longer be considered as a hoax. Dogecoin has been ranked as the ninth-largest digital asset and has generated dozens of value, including the Shiba Inu.
Elon Musk has the power of sweeping the cryptocurrency market with a single tweet that has uploaded three pictures of his dog sitting in an office chair. This has initiated a surge in the values of canine-based coins. the coins saw an increase in price by 5 percent over the next 15 minutes. According to valid sources, the token’s market cap has crossed 11.5 billion USD after it increased by 500 million USD.
There has been driving speculation that Musk posting his dog’s pictures on the Twitter platform has something to do with the development of the meme-based currency. But for the time being, the cryptocurrency community has been enjoying the increase in prices of the CEO’s new moniker ‘Floki’.
edited and proofread by nikita sharma
